Solstad Offshore ASA successfully completed sale of PSV fleet to Tidewater
Reference is made to the announcement 7 March 2023 on the sale of the Solstad PSV fleet to Tidewater for the price of approximately $580 million.
The transaction was completed today with all 37 vessels being delivered to Tidewater. This will reduce Solstads interest bearing debt with approximately NOK 6 billion.
«We are very pleased with the sale of our PSV fleet. This will strengthen the balance sheet of Solstad considerably and the remaining fleet of 40 high-end CSV and AHTS vessels will all be relevant for both oil & gas and renewable energy clients. As such, Solstad will be an important operator in the ongoing energy transition», says Lars Peder Solstad, CEO of Solstad Offshore.
The transaction will have a positive accounting effect of approximately NOK 250 million to be reflected in 2Q 2023.